April 3rd: Key highlights and summaries of the front-page content from the four major domestic securities newspapers and important financial media outlets

April 3 (Friday). Today’s newspaper front-page headlines contain the following key takeaways:

China Securities Journal

International oil prices surge by more than 10% U.S. stocks open sharply lower Big news from the Strait of Hormuz

As of April 2 Beijing time, international oil prices continued to skyrocket. During the day, NYMEX WTI crude oil prices briefly rose by more than 13%, topping out at $113.97 per barrel. At April 2 local time, U.S. stock indexes opened lower across the board, with the seven largest U.S. technology stocks all falling. By 21:39 on April 2 Beijing time, the Dow Jones was down 1.35%, the Nasdaq down 2.06%, and the S&P 500 down 1.46%. At the individual stock level, Tesla fell by more than 3% after its Q1 vehicle deliveries came in below market expectations. The memory chip sector plunged; SanDisk fell by more than 6%, Micron Technology fell by nearly 7%, and Western Digital fell by more than 5%. Gold mining stocks also fell: Coradlen Mining fell by nearly 5%, Harmony Gold fell by nearly 4%, and Kinross Gold fell by more than 3%.

Q1 car sales rankings set: Geely Group takes the crown Zero-run leads among “new forces” in car-making

In Q1 2026, China’s auto market showed a recovery curve with a pattern of first suppression and then rebound. In January and February, performance was under pressure due to the Spring Festival seasonal lull and a high base; in March, demand was released in a concentrated manner. Retail sales of passenger vehicles reached about 1.70 million units for the month, up 64.5% month over month. The penetration rate of new-energy vehicles reached 52.9%, surpassing fuel cars. With the sales figures of major mainstream automakers all fully revealed, the overall ranking is now clear. The market overall reflects a dual-track divergence between quarterly total rankings and monthly sales performance, with domestic brands comprehensively leading. The Beijing Auto Show in April will become a key watershed for the market outlook in the first half of the year.

Tian Gang issues one hand and holds two companies Who might end up with United Aircraft?

Choice data shows that on April 2, shares of Fuyang Yunye Transportation Industry hit the daily limit down, with trading volume of RMB 415 million and total market value of about RMB 4.1 billion; shares of Jifeng Technology surged 6.81%, with trading volume of RMB 403 million and total market value of about RMB 5.0 billion. While the two companies may seem unrelated, they are not. A notice released by Fuyang Yunye Transportation Industry on the evening of April 1 said that Dongyang Dongwang Lianhang Enterprise Management Partnership (Limited Partnership) (hereinafter “Dongwang Lianhang”) will become the company’s controlling shareholder.

Chery Group 24.1 million vehicles in March Q1 cumulative sales 6.02 million globally users surpass 19 million

In March, Chery Group delivered a monthly sales figure of 240,678 vehicles, up 12.1% year over year. By now, Chery Group’s cumulative sales in Q1 totaled 601,712 vehicles. Among them, new-energy vehicle sales were 161,202 vehicles. As of now, Chery Group’s global cumulative user base reached 19.12 million, including overseas users of more than 6.23 million.

Shanghai Securities News

The State Council’s General Office issues an implementation plan with 12 specific measures gradually forming a unified enterprise credit status comprehensive evaluation system

The “Implementation Plan for Establishing a Comprehensive Evaluation System for Enterprise Credit Status” (hereinafter “Implementation Plan”) recently issued by the General Office of the State Council states that it will accelerate the integration and application of public credit assessment and market-based credit assessment, and encourage operating entities to provide discounted or convenient measures for enterprises with good credit status in market activities such as bidding and commercial dealings.

Commercial rollout is imminent Industry experts explain the growth path of commercial space

On March 30, the China Aerospace Science and Technology Corporation (CASC) Tianlong? (No) — China Aerospace? Specifically: the “Kongsomething” rocket? (I must translate faithfully but keep text as-is—user content has: 中科宇航力箭二号遥一运载火箭发射成功.) On March 30, the KeM Something? Actually: “CASC’s” not present. The text says: “中科宇航力箭二号遥一运载火箭发射成功.” Translates naturally below. Also: Tiangbin Technology Tianlong 3; China Commercial Fire Changzheng 12 YI? etc.

On March 30, the Long? Actually: the S&T rocket from iSpace? Hmm. I will translate as: iSpace? But name is likely “iSpace (中科宇航)”. I will keep company names as transliterations in English.

On March 30, the iSpace (Zhongke Aerospace) “Lijian-2” Yao-1 launch vehicle rocket was successfully launched. In addition, the launch missions for Tianbing Technology’s Tianlong-3 and China Commercial “Long March-12” (YI?) new generation commercial rockets have also been scheduled, and development of China’s commercial space industry has entered the “fast lane.” Recently, Shanghai Securities News reporters interviewed Wu Zhonglin, Chairman of Tongyu Communications; Li Qingyang, manager of the Boshi CSI Satellite Industry Index Fund; Wang Xing, Chief Analyst for the Communications Industry at Haitai Securities; and Xiu Bao, Equity Fund Manager at Ping An Fund Management, on hot topics including development trends of the commercial space industry, commercial closed-loop operations, and investment logic.

Differences in 2025 public fund operating performance: “Elephants dancing” among top institutions while mid and small institutions struggle to make ends meet

As listed companies increasingly disclose their 2025 annual reports in a concentrated manner, the annual profitability of some public funds in which certain companies hold stakes has been revealed. The data shows: in 2025, several leading fund companies saw their assets under management exceed RMB 2 trillion, net profits exceed RMB 1 billion, overseas business frequently achieved new breakthroughs, and they accelerated the layout of diversified product lines, strengthening large-category asset allocation and research & investment capabilities, and deeply leveraging AI technology to drive digital transformation; meanwhile, some mid and small fund companies still find it difficult to move forward.

A two-times stock catalyst revealed “bullish retail investors” cluster to buy

A “bull” stock with a market value in the tens of billions—its driving force behind the rise has been exposed. Starting in Q4 2025, the satellite sector took center stage. As a leading company, China Satellite saw its share price skyrocket by more than two times within just a few months, and its market value once reached as high as RMB 150 billion.

Securities Times

Next-generation high-capacity cell battle is in full swing Storage energy tied to AI technology accelerating evolution

Recently, Chen Haisheng, Chairman of the Board of Directors of the China Energy Storage Industry Technology Alliance? (理事长) — The text says “中关村储能产业技术联盟理事长陈海生”. He said in a forecast that by 2030, the cumulative scale of domestic new-type energy storage will reach 371.2GW—450.7GW, and the compound annual average growth rate for 2026—2030 will be 20.7%—25.5%.

New developments in Q1 IPO acceptance: 6 at the SSE, 3 at the SZSE, 2 at the NEEQ

The pattern for accepting first-time public offerings (IPOs) in Q1 has quietly changed. According to statistics by reporters from Securities Times, the three major exchanges in Shanghai, Shenzhen, and Beijing had 11 companies with IPOs accepted in Q1, up 37.5% year over year. Among them, the Shanghai Stock Exchange’s STAR Market accounted for the majority with 6, reflecting that support for technological innovation in the market continues to intensify. In the same period, the Shenzhen Stock Exchange accepted 3. Previously leading in acceptance volume, the Beijing Stock Exchange accepted only 2 IPO companies in Q1. Investment banking professionals said that recently, the Beijing Stock Exchange has been strictly reviewing the listing process, and conducted on-site inspections for some companies that had already passed the meeting stage.

Space photovoltaics: practical and imagined investigation The carnival of concepts under a trillion-yuan wave and the real industry

The space photovoltaics sector is extremely hot, prompting ground-based photovoltaic companies that have found themselves “stuck in overcapacity and losses” to rush to “go to the sky” and tell stories. After an in-depth investigation, reporters from Securities Times found that: most “space photovoltaics” remains limited to PowerPoint (PPT) and laboratories; popular routes such as HJT (heterojunction solar cells) and perovskite are “feasible in principle but useless once you try to launch to space”; and PERC (passivated emitter and rear cell technology) is regarded by experts as an undervalued mature solution. With missing verification and an industry ecosystem far from mature, this hype of “stars and seas” may just be a concept carnival.

Bank of Communications and Everbright announce consecutive “basic mistakes” Disclosure quality loopholes for listed companies still need to be addressed

Recently, two listed banks announced data “glitches” one after another. After Bank of Communications experienced incorrect reporting of dividend amounts due to insufficient review of information disclosure, Everbright Bank also showed clear data formatting misalignment in its annual performance report released simultaneously for A-shares and H-shares.

Securities Daily

Auto market warms in March New forces deliver collective “repairs”

Recently, multiple automakers have gradually disclosed sales and delivery data for March 2026. After experiencing stage pressure in January and February, domestic auto market demand clearly recovered in March, with sales of leading automakers generally rebounding.

Fundamentals-driven Hong Kong stock innovative drug sector performs strikingly

Just as the second quarter of 2026 got underway, the innovative drug sector is taking the lead. As of the close on April 2, the Wind information innovative drug index’s cumulative gains for April 1 and April 2 reached 6.22%; the Hong Kong innovative drug sector saw even more pronounced gains, with the Hang Seng HKEX (Hang Seng Stock Connect) Innovative Drug Index rising cumulatively by 9.11%.

Pre-disclosure of billion-yuan private equity’s heavily held stocks from last year’s Q4

As A-share listed companies continue to disclose their 2025 annual reports, the latest developments of billion-yuan private equity firms’ top holdings have gradually come to light. According to the latest data from the private equity platform PaiPaiWang, as of April 1, the list of the top 10 circulating shareholders of A-share listed companies that have disclosed their 2025 annual reports shows that at the end of Q4 2025, products under 25 billion-yuan private equity institutions were included in the top 10 circulating shareholder lists of 60 listed companies, with a combined market value of holdings of RMB 28.185 billion (calculated using the closing price as of December 31, 2025, the same below).

Chinese brokerage firms take the top six in Q1 Hong Kong stock IPO sponsorship amounts

So far this year, equity financing in the Hong Kong stock market has been active. Wind information data shows that in Q1 this year, the total amount of equity financing in the Hong Kong market was HKD 147.408 billion, up 12.53% year over year; among them, IPOs were particularly active, with the total fund-raising amount reaching HKD 109.927 billion, up 488.81% year over year.

China National Radio

Close higher against the trend! Why did the weight-loss drug concept sector carve out an independent rally?

On April 2, major A-share indexes fluctuated and closed lower, with more than 4,300 individual stocks ending in the green. But the weight-loss drug sector strengthened against the trend. Boosted by the news that Eli Lilly’s oral GLP-1 drug received rapid FDA approval for上市, the sector closed up 0.81% on the day, with a cumulative gain of 12.16% over the last five trading days. Stocks such as Menovo? (美诺华) and Shuanglu Pharmaceutical are active, sparking market attention on the oral weight-loss drug industry chain.

*ST Zhengping faces three delisting indicators simultaneously under pressure; experts: investors must not blindly follow and hype

On the evening of April 2, *ST Zhengping announced that the company’s share price rose too fast in the short term, seriously deviated from fundamentals, and that trading risks had accumulated at a high level, so the company would suspend trading for review. Given that the relevant review work has been completed, trading will resume from the opening of the market on April 3, 2026 (Friday). China National Radio Finance noted that for some time now, *ST Zhengping has issued multiple major delisting risk warning announcements in succession. The announcement states that the company currently faces multiple delisting risks, including negative net assets and the possibility that its 2025 financial report and internal control audit report may receive non-standard audit opinions from auditors. Market participants note that, as of now, multiple delisting risks for *ST Zhengping have not yet improved in substance, and the delisting risk remains high. Investors in the secondary market need to fully recognize the company’s severe situation and must not blindly follow and hype, and should prudently assess investors’ risks.

21st Century Business Herald

Unpacking BYD’s profit statement: where did the money go under pressure?

After three years of relentless growth in revenue and profits, BYD has for the first time applied the brakes to profits. BYD’s disclosed performance report shows that in 2025, BYD’s revenue exceeded RMB 804 billion, up about 15% year over year; but attributable net profit fell to RMB 32.6 billion, down nearly 19% year over year, even below market expectations between RMB 34.3 billion and RMB 35.2 billion.

AI redefines computing demand Does the “cycle theory” in storage markets fail?

Around July 2025, Li Ming, a practitioner in the storage industry, entered a stage of intensive meetings with customers, and this has not stopped to this day. This is a shared experience across nearly everyone in the industry: continuously meeting customers, connecting industry price and demand information, in hopes of better responding to this round of sustained storage price hikes and tight supply—fear of heights is real; the goods still have to be secured.

First Financial Network

Behind the heat in new-type energy storage: both market “hot air” and the presence of turning points

In early March, new-type energy storage was listed as one of the “six emerging pillar industries,” and “develop new-type energy storage” was also successively written into the 2026 government work report and the “14th Five-Year Plan? (15th Five-Year)” outline? (The text says “十五五” planning纲要). On March 31, the 14th International Energy Storage Exhibition (ESIE2026) opened in Shunyi District, Beijing. This grand event brings together about 800 companies across the industry chain. Leading companies such as Sunshine Power (300274.SZ) and CATL (300750.SZ/03750.HK) attended. Six themed exhibition halls and a 160,000-square-meter exhibition area were packed with people, and new products were launched in dense succession.

Twelve banks newly enter the game A new pattern for the digital RMB operating ecosystem

On April 2, the People’s Bank of China officially announced a major expansion of the digital RMB operating institutions. A total of 12 new bank-type operating institutions were added, including 7 national joint-stock banks and 5 city commercial banks. The central bank said that CCB? (中信银行) — specifically: CITIC Bank, China Everbright Bank, Huaxia Bank, China Minsheng Bank, 广发银行, Pudong Development Bank, Zhejiang Commercial Bank, Ningbo Bank, Jiangsu Bank, Beijing Bank, Nanjing Bank, Suzhou Bank have become bank-type digital RMB business operating institutions, and they have been connected to the central bank’s digital RMB system. After the added institutions complete business and technical preparations, they will carry out digital RMB business.

Economic Information Daily

Digital RMB business operating institutions expanded to 22

On April 2, a reporter learned that the People’s Bank of China added 12 new bank-type digital RMB business operating institutions and connected them to the central bank’s digital RMB system. After the added institutions complete business and technical preparations, they will carry out digital RMB business. This move is aimed at implementing the decision and deployment in the “15th Five-Year” plan outline regarding “steadily developing digital RMB,” further improving the inclusiveness of digital RMB services, and continuously responding to the public’s demand for secure, convenient, and efficient digital RMB services.

Mismanaged funds leads to suing controlling shareholder Facing a case-filed investigation Good news arrives as risks are exposed one after another Could be subject to risk warning

With RMB 100 million funds illegally transferred, RMB 900 million in account protection freezes, non-operational fund occupation by the controlling shareholder and related parties of about RMB 190 million, and both the company and its actual controller being filed by the China Securities Regulatory Commission for investigation—within just one week, Joyoung? Actually: the text says 喜临门健康睡眠科技股份公司 (603008.SH, abbreviated as “喜临门”) experienced multiple risk events in succession, exposing prominent issues such as mismanagement of company funds, failure of internal controls, and possible violations in information disclosure.

(Source: Eastmoney Research Center)